The chief executive of BP, Tony Hayward, is finalising the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive’s future possibly within the next 48 hours. After a weekend of detailed negotiations over Mr Hayward’s severance package, it now appears almost certain that he will announce his departure ahead of BP’s half year results on Tuesday.

BP is expected to announce that it has made $10 Billion in the first six months of this year even with the money being spent to stop and clean up the oil leak in the Gulf of Mexico.

Under the plan being discussed, Mr. Hayward would not necessarily depart immediately, these people said, giving the company time to settle on a successor and devise and orderly transition. It is possible, however, that the board could move more quickly in tapping a new chief.

The U.K.’s Guardian also relays news of Hayward’s imminent departure, and reports that he will be replaced by Bob Dudley. Dudley is managing the day-to-day Gulf Oil spill operations.